Under the terms of this agreement, Vitro will receive $100 million US dollars, using these funds to restore our liquidity to normal levels of operation. This agreement allows Vitro to make these assets liquid immediately to restore its position of cash, as well as to allow sufficient time to maximize the amount that Vitro can receive for the assets that will be sold.
As it was announced previously, Vitro continues negotiating with the financial institutions that were involved in the natural gas derivatives issue and will update all stakeholders on the results of these negotiations once they have concluded.
Vitro has hired the services of Blackstone Group, an organization with extensive experience, who will help us in these negotiations and eliminate any additional risk of exposure in the future in this area.
With this Bancomext agreement, the support of Blackstone Group, and the other measures that we continue to review, Vitro is solidifying its liquidity situation to minimize the effects of the current world financial situation and continue working and operating normally to achieve the objectives that we have proposed for the year 2008 and the future.
Vitro Strengthens Its Position of Liquidity
Date: 12 November 2008
Source: Vitro
Vitro would like to announce to its clients, business partners and suppliers that it has recently reached an agreement with Bancomext, in which non-performing real estate assets were placed in a trust pending future sale.